Marshall & Ilsley Corporation Enters Into Accelerated Share Buyback
04 June 2007 - 11:00PM
PR Newswire (US)
MILWAUKEE, June 4 /PRNewswire-FirstCall/ -- Marshall & Ilsley
Corporation (NYSE:MI) (M&I) today announced it has agreed to
repurchase $138.5 million of its outstanding stock. The shares will
be purchased from Merrill Lynch International through an
accelerated share repurchase agreement. Under the stock purchase
agreement, M&I has agreed to repurchase $138.5 million worth of
its outstanding common stock. The total number of shares to be
repurchased will be based on the adjusted volume-weighted average
price of M&I's stock through a contractually specified
averaging period expected to conclude by the end of the second
quarter of 2007. Prior to the repurchase that was announced today,
approximately 8.75 million shares remained available under prior
repurchase authorizations by Marshall & Ilsley Corporation's
Board of Directors. Marshall & Ilsley Corporation (NYSE:MI) is
a diversified financial services corporation headquartered in
Milwaukee, Wis., with $56.5 billion in assets. Founded in 1847,
M&I Marshall & Ilsley Bank is the largest Wisconsin-based
bank, with 192 offices throughout the state. In addition, M&I
has 47 locations throughout Arizona; 30 offices along Florida's
west coast and central Florida; 17 offices in Kansas City and
nearby communities; 18 offices in metropolitan Minneapolis/St.
Paul, and one in Duluth, Minn.; three offices in Tulsa, Okla.; and
one office in Las Vegas, Nev. M&I's Southwest Bank subsidiary
has 17 offices in the greater St. Louis area. Metavante
Corporation, a wholly owned subsidiary, provides a full array of
technology products and services for the financial services
industry. On April 3, 2007, Marshall & Ilsley Corporation
announced its plans to split Metavante Corporation and Marshall
& Ilsley Corporation into independent publicly traded
companies. M&I also provides trust and investment management,
equipment leasing, mortgage banking, asset-based lending, financial
planning, investments, and insurance services from offices
throughout the country and on the Internet (http://www.mibank.com/
or http://www.micorp.com/). M&I's customer-based approach,
internal growth, and strategic acquisitions have made M&I a
nationally recognized leader in the financial services industry.
This press release contains forward-looking statements concerning
M&I's future operations and financial results. Such statements
are subject to important factors that could cause M&I's actual
results to differ materially from those anticipated by the
forward-looking statements. These factors include (i) the factors
identified in M&I's Annual Report on Form 10-K for the year
ended December 31, 2006 under the heading "Forward-Looking
Statements" which factors are incorporated herein by reference, and
(ii) such other factors as may be described from time to time in
M&I's SEC filings. DATASOURCE: Marshall & Ilsley
Corporation CONTACT: Greg Smith, senior vice president, chief
financial officer, +1-414-765-7727, or Dave Urban, vice president,
director of investor relations, +1-414-765-7853, both of Marshall
& Ilsley Corporation Web site: http://www.micorp.com/
http://www.mibank.com/
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